Raymond James Financial Services Advisors Inc. decreased its stake in shares of Maxim Integrated Products, Inc. (NASDAQ:MXIM) by 5.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 52,994 shares of the semiconductor company’s stock after selling 2,981 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Maxim Integrated Products were worth $2,380,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the business. BlackRock Inc. increased its stake in shares of Maxim Integrated Products by 13.4% in the second quarter. BlackRock Inc. now owns 19,941,814 shares of the semiconductor company’s stock worth $895,388,000 after acquiring an additional 2,358,743 shares during the period. Bank of New York Mellon Corp grew its position in Maxim Integrated Products by 1.6% during the second quarter. Bank of New York Mellon Corp now owns 10,593,454 shares of the semiconductor company’s stock valued at $475,645,000 after buying an additional 167,748 shares during the period. Wells Fargo & Company MN lifted its holdings in Maxim Integrated Products by 1.0% during the second quarter. Wells Fargo & Company MN now owns 6,521,747 shares of the semiconductor company’s stock valued at $292,827,000 after purchasing an additional 63,877 shares in the last quarter. State Street Corp lifted its holdings in Maxim Integrated Products by 0.5% during the second quarter. State Street Corp now owns 6,384,084 shares of the semiconductor company’s stock valued at $286,644,000 after purchasing an additional 28,762 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in Maxim Integrated Products by 29.8% during the second quarter. Goldman Sachs Group Inc. now owns 3,770,400 shares of the semiconductor company’s stock valued at $169,291,000 after purchasing an additional 866,278 shares in the last quarter. Institutional investors and hedge funds own 89.45% of the company’s stock.
Several research firms have recently weighed in on MXIM. Loop Capital reissued a “buy” rating and issued a $43.00 price target on shares of Maxim Integrated Products in a research note on Tuesday, August 22nd. Maxim Group reissued a “buy” rating on shares of Maxim Integrated Products in a research note on Wednesday, September 6th. Drexel Hamilton reaffirmed a “buy” rating and set a $52.00 target price on shares of Maxim Integrated Products in a research note on Wednesday, September 6th. Credit Suisse Group lifted their target price on shares of Maxim Integrated Products from $46.00 to $53.00 and gave the stock a “neutral” rating in a research note on Friday, October 20th. Finally, B. Riley reiterated a “hold” rating and set a $47.00 price target on shares of Maxim Integrated Products in a research report on Monday, October 16th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $52.14.
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Shares of Maxim Integrated Products, Inc. (MXIM) traded down 0.1973% during trading on Friday, reaching $51.9074. 79,555 shares of the company’s stock traded hands. Maxim Integrated Products, Inc. has a 1-year low of $37.32 and a 1-year high of $53.10. The company has a market capitalization of $14.64 billion, a price-to-earnings ratio of 26.2159 and a beta of 1.05. The company has a 50 day moving average of $48.25 and a 200-day moving average of $46.43.
Maxim Integrated Products (NASDAQ:MXIM) last released its quarterly earnings data on Thursday, October 19th. The semiconductor company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.04. Maxim Integrated Products had a return on equity of 29.55% and a net margin of 25.48%. The business had revenue of $576.00 million during the quarter, compared to the consensus estimate of $576.80 million. During the same quarter in the prior year, the company posted $0.48 earnings per share. The firm’s revenue was up 2.6% on a year-over-year basis. Equities analysts predict that Maxim Integrated Products, Inc. will post $2.53 earnings per share for the current year.
Maxim Integrated Products announced that its board has initiated a share buyback plan on Thursday, July 20th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the semiconductor company to repurchase up to 7.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 14th. Shareholders of record on Thursday, November 30th will be issued a $0.36 dividend. The ex-dividend date is Wednesday, November 29th. This represents a $1.44 annualized dividend and a dividend yield of 2.77%. Maxim Integrated Products’s dividend payout ratio (DPR) is currently 70.24%.
In related news, insider Bryan Preeshl sold 1,234 shares of the stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $45.71, for a total transaction of $56,406.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Bruce E. Kiddoo sold 25,000 shares of the stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $45.28, for a total value of $1,132,000.00. The disclosure for this sale can be found here. Insiders sold 173,236 shares of company stock valued at $8,185,509 over the last 90 days. Corporate insiders own 1.11% of the company’s stock.
About Maxim Integrated Products
Maxim Integrated Products, Inc is engaged in designing, developing, manufacturing and marketing a range of linear and mixed-signal integrated circuits, referred to as analog circuits. The Company also provides a range of high-frequency process technologies and capabilities for use in custom designs. The Company caters to automotive, communications and data center, computing, consumer and industrial markets.
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